2025 (8) TMI 1775

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.... For the Appellant : Mr. Tilak Mitra, Adv., Mr. Soumen Bhattacharjee, Adv., Mr. Ankan Das, Adv., Ms. Shradhya Ghosh, Adv. For the Respondent : Ms. Nilanjan Bhattacharya, Adv. ORDER 1. THE COURT: Leave granted to the learned advocate for the respondent/assessee to file Vakalatanama in the department. 2. There is a delay of 232 days in filing the appeal. As the explanation offered is f....

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....the Learned Income Tax Appellate Tribunal has committed substantial error in law in allowing the appeal of the assessee ignoring the basic issue which entails share capital treating the addition as unexplained cash credit in terms of identity, creditworthiness and genuineness? 3. Whether the share capital raised by the assessee company is nothing but the involvement of organized tax evasi....

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....ction 133 (6) of the Act to the investing companies and both the parties have complied with the said notice and furnished the requisite details. 8. Summons under Section 131 of the Act was issued to the Director of the assessee company to be personally present and also to produce the Directors of the investing company for examination of genuineness of the transaction, identity and creditworthin....

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.... Tribunal held that the assessing officer as well as the CIT (A) did not cause any verification or conduct any enquiry into the evidences which were filed by the assessee and merely harped on noncompliance of the summons issued under Section 131 of the Act, which is factually incorrect. 9. Learned Tribunal placed reliance on the decision of the Hon'ble Supreme Court in CIT -Vs- Orissa Corporati....